The Yemen Oil and Gas Industry is a very sad state of affairs ...
The country could be so wealthy but it appears that the wealth is being soaked up by a few individuals who continue to "Manage the O&G Business" without any oversight from any Government Audit Authority including the Saudis who appear to ignore obvious irregularities and/or corrupt practices …
indirectly, the Saudis continue to permit these individuals to go about their irregular ways ...
Very few International Oil Companies have resumed production in the country even though it has been widely promoted by the Yemen Oil Ministry who are supposedly "keen" to see the IOC's return to their respective blocks and resume production ...
Is the Oil & Gas industry in Yemen being controlled and regulated by individuals who have their own self interests at heart ?
As part of this, I always believed that the Riyadh Agreement would have closed out many corrupt practices in the oil and gas industry in Yemen … but the agreement appears to have gone silent ..
As per the Riyadh Agreement, the new 24 member ministry of the Yemen Government has not been selected and we continue to see the country procrastinating about applying the agreement.... Per the agreement, Hadi was to swear in his new 24 member ministry by the 5th Dec 2019 ...
For some reason the Saudis, who promoted the agreement also remain silent on this subject ...
Have the Saudi's abandoned the idea of a "legitimate government" in Yemen ? Are they reluctant to push the Riyadh Agreement forward ?
Time will tell ...
PeterRG
PSA Price at posting:
5.6¢ Sentiment: Buy Disclosure: Held
